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Fixed Deposit

Dhanlaxmi Bank offers a variety of Fixed Deposit Schemes to cater to the requirement of every individual whether it for a short term or a long term tenure. Deposits like a regular Fixed Deposit Account or a Tax-saving Fixed Deposit Account or even a Recurring Deposit scheme where the customer can make small monthly investments and enjoy the interest rate of fixed deposits are offered by Dhanlaxmi Bank. Let us now take a look at the various types of Deposit schemes in the bank’s kitty offered to its customers.
 

Dhanlaxmi Bank FD Rates 2018

FD Tenure Interest Rates
Regular Citizens Senior Citizens
7 days to 14 days 4.00 4.00
15 days to 45 days 4.00 4.00
46 days to 90 days 5.00 5.00
91 days to 179 days 5.50 5.50
180 days to less than one year 6.00 6.00
1 Year and above upto & inclusive of 2 years 6.60 7.10
Above 2 years upto & inclusive of 3 years 6.50 7.00
Above 3 years upto & inclusive of 5 years 6.50 7.00
Above 5 years upto & inclusive of 10 years 6.50 7.00

Note: Above interest rates are offered on deposits up to Rs 9,99,999 w.e.f. Aug 31, 2017. Rates are subject to change without prior information.

Types of Dhanlaxmi Bank Fixed Deposit Accounts

  1. Dhanam Abhivridhi Deposit
  2. Surabhi Deposit
  3. Sri Dhana Chakra Deposit
  4. Laxmi Recurring Deposit
  5. Cumulative Deposit Certificate (DCDC)
  6. Dhanlaxmi Bank Fixed Deposit Tax Advantage
  7. Senior Citizens Deposit Schemes
Dhanam Abhivridhi

A deposit scheme which promises double the invested amount on maturity after a certain specified period. The features and benefits of the account are as follows:
 

  • The period of deposit is calculated to result in an amount which is double the invested amount based on the rates declared by the bank. So the period of deposit is calculated based on the current rates offered by the bank on its deposits.
  • A minimum amount of Rs.100 is required to open the deposit account. There is no ceiling on the maximum amount that can be deposited in the account
  • The rate of interest is calculated quarterly on a compounded basis and is paid on maturity along with the principal amount
  • The facility of availing an overdraft or loan against the deposit is available
  • Nomination facility is available on the deposit
  • Senior citizens are offered additional rate of interest
  • Premature withdrawal facility is also available under the deposit with no additional charges
  • TDS is applicable on the deposits as per applicable rates

Eligibility-
 

  • The account can be opened by individuals, firms, corporate bodies, clubs and associations

Surabhi Deposit

Dhanlaxmi Bank Fixed deposit scheme with a higher investment opportunity. The features and benefits of the deposit scheme are as follows:
 

  • The fixed deposit is linked with the customer’s existing Savings or Current Account
  • Multiple deposits can be linked to the Savings or Current Account
  • In case of deficiency in the Savings or Current Accounts, the deposit balance is used to meet the deficiency. Deposits are broken in units of Rs.1000 to meet the deficit thereby enabling the rest of the deposit to earn a higher rate of interest
  • On maturity, there is an option to automatically renew the deposit
  • Senior citizens are offered additional rate of interest
  • A minimum balance of Rs.10, 000is required in the account for a minimum tenure of 180 days

Eligibility-
 

  • The account can be opened by individuals, firms, corporate bodies, clubs and associations

Sri Dhana Chakra Deposit

Dhanlaxmi Bank Fixed deposit scheme where money can be invested for any term without any upper limit on the amount of deposit. The features and benefits of the deposit are as follows:
 

  • The deposit promises a higher rate of interest earning compared to the other deposit schemes offered by the bank
  • A minimum amount of Rs.5000 is required to open the deposit account
  • The minimum period of deposit is 15 days
  • On maturity, there is an option to automatically renew the deposit at the choice of the depositor on the term
  • If the deposit is closed within 15 days before the last renewal then no interest will be payable on the deposit

Eligibility-
 

  • The account can be opened by the individuals even in the name of minors jointly with the guardians, by corporate bodies, institutions and public or private sector organizations

Laxmi Recurring Deposit

A recurring deposit scheme where monthly deposits are accepted for a fixed period of time. The features and benefits of the scheme are as follows:
 

  • Monthly deposits are made for a fixed period of time
  • Interest is calculated quarterly on a compounded basis and is reinvested with the principal to earn future interest. The cumulative interest along with the principal is paid on maturity.

Cumulative Deposit Certificate (DCDC)

A cumulative deposit scheme where the cumulative interest and the principal amount is paid on maturity of the deposit scheme. The features and benefits of the scheme are as follows:
 

  • A minimum amount of Rs.100 and thereafter in multiples of Rs.100 is required to open the deposit account
  • The minimum tenure of deposit is 6 months and thereafter in multiples of 3 months subject to a maximum tenure of 60 months or 5 years
  • The minimum remittance from the deposit is for Rs.500 and thereafter any excess amount is rounded off to the nearest Rs.100
  • If the deposit is closed prematurely, there is a penalty levied by the bank. The rate of penalty for premature closure within 1 year is 0.50% and the rate of penalty for closure after 1 year is 1.00%
  • Loan can be availed on the deposit at up to 90% of the balance in the deposit account

Eligibility-
 

  • The account can be opened by individuals, firms, corporate bodies, clubs and associations

Dhanlaxmi Bank Fixed Deposit Tax Advantage

A deposit scheme which is designed in such a way that the customer can avail tax exemption on the deposit under the provisions of Section 80C of the Income Tax Act. The features and benefits of the deposit scheme are as follows:
 

  • The maximum amount of deposit that can be made under this scheme to avail a tax exemption is Rs.1.5 lakhs which is the specified limit under Section 80C
  • The minimum amount of deposit required to open the deposit scheme is Rs.100
  • Nomination facility is available
  • The tenure of deposit ranges from a minimum tenure of 5 years to a maximum tenure of 10 years
  • The Permanent Account Number (PAN number)of the customer is required to open the account
  • Premature withdrawal is not allowed from the deposit before the completion of 5 years
  • Loan against deposit cannot be availed under the scheme
  • Senior Citizens earn an additional interest rate of 0.50% per annum if the deposit is made for a period of 1 year and above except in case of Dhanam Tax Advantage deposits

Eligibility-
 

  • Single accounts can be opened by the Karta of the Hindu Undivided Family (HUF) whereas joint accounts can be opened by adults and minors jointly with their guardians
  • If the deposit is made on a joint basis, tax exemption will be available only to the first holder or the primary holder.

Senior Citizens Deposit Schemes

A deposit scheme designed for senior citizens offering them a higher rate of interest. The features and benefits of the deposit scheme are as follows:
 

  • Senior Citizens earn an additional interest rate of 0.50% per annum if the deposit is made for a period of 180 days and above excluding deposits made for 500 days. This additional rate of interest is applicable only for Resident individuals.
  • The bank provides the facility of at-par collection of one instrument for values up to Rs.5000 once every month
  • The bank also provides the facility of issuance of a Demand Draft once every month up to a value of Rs.5000

Eligibility-
 

  • The deposit scheme can be opted by Indian National who are aged 60 years and above.